Celanese Corp. has reached a definitive agreement to sell its 45-percent equity investment in the Polyplastics joint venture to Daicel Corp. for $1.575 billion. Following the completion of the transaction, Daicel will own 100 percent of Polyplastics.

“Celanese has been investing in and rapidly growing our base business in Engineered Materials globally over the last 10 years,” said Lori Ryerkerk, Celanese chairman and CEO. “We plan to use this opportunity to monetize a historically passive investment and allocate significant capital to higher growth businesses within Celanese. At the conclusion of this joint venture relationship with Daicel, we extend our gratitude for their partnership and collaboration over the past 50-plus years in jointly bringing innovative products to customers and consumers worldwide.”

For more information, visit www.celanese.com or www.daicel.com/en.